If you have plans to take a loan, then one of the key documents that will help in the quick disbursement of the loan is your credit report. But, there are various reasons owing to which your loan application can be either rejected or delayed such as – PAN number wrongly entered and wrong spelling of the name. So, it is advisable to cross-check your credit report before you go ahead and apply for any kind of loan, just to ensure that all your details mentioned are correct. But, the burning question here is how you can get rid of credit errors? Here are some helpful tips to get them resolved.
Well, before you know how to resolve credit report issues, you first have to be familiar with various aspects related to CIBIL reports.
What Your CIBIL Report Includes?
Your CIBIL report generally includes –
- Your employment details.
- Your personal details.
- Your credit or loan account details.
- Your contact details.
- Your credit or loan enquiry details.
What Are The Errors You Can Find In Your Credit Report?
Following are common errors you can find in your credit report –
- Incorrect current balance – It is important you have checked your current balances of credit in your CIBIL report. Make sure it matches the actual outstanding balance of your loan or credit card.
- Duplicate account – Make sure you have checked if there are multiple accounts registered in your name in CIBIL report.
- Overdue loan amount – You have to ensure there are no overdue reflected in your CIBIL report. This is a clear indication that the payments were not made on time.
- Ownership – Make sure that the outstanding loans mentioned in your credit report are factual.
- Incorrect personal details – You must ensure that the personal details such as your name, address, PAN number, and date of birth correct.
What Includes Company Credit Information Reports?
CIBIL is also responsible for producing Company Credit Information Report (CCR). It includes all the details of the company. If there are errors in the company credit information, they can be easily rectified and updated. If there are any concerns or issues, they can be rectified through a process known as Company Dispute Resolution.
Following are varied types of issues which can arise in the credit report of a company –
- Duplicate Account – There can be an issue if a duplicate of one account is found in the credit report of the company.
- Account Details – Any type of discrepancy such as address, name, asset categorisation, phone numbers and so forth can be rectified.
- Proprietorship of account – In the event where an account in the credit report of your company does not belong to you, a dispute can be raised along with other cases wherein the whole report is imprecise.
How Are The Credit Report Disputes Are Resolved?
Following is the process how credit report disputes are resolved –
- Bear in mind that CIBIL will not make any rectifications the moment you have raised a dispute on the official website of CIBIL.
- Your dispute will be verified from the records of the bank/financial entity.
- CIBIL will be sending the dispute to the concerned bank/financial entity. The dispute will be verified whether it is legitimate or bogus.
- Only after the approval of the bank/financial entity, your CIBIL report will be updated.
- CIBIL will only be rectifying the details in your report on the basis of the verification done by the bank/financial entity.
- You will be notified as and when the dispute has been resolved.
- It takes around ten days to update the data once it has received the details of the dispute from the bank/financial entity.
- The time taken, for resolving any dispute, by CIBIL is 40-60 days, depending on the amount of time consumed by the bank/financial entity to get back to CIBIL along with apt facts and details.
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